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ABN Amro sets AI homework for students

Source: ABN Amro

ABN AMRO has entered into a partnership with the Amsterdam Center for Entrepreneurship (ACE), joining forces in the AI Startup Lab, an initiative of ACE Incubator.

AI is short for artificial intelligence. In the AI Startup Lab, large companies like ABN AMRO present their challenges to AI students, who then use AI to develop new innovative products and services.

Two examples of assignments carried out within this partnership

One of the assignments was dedicated to sustainability, which happens to be one of the three innovation themes at ABN AMRO: optimising supply in the Dutch energy market. The team of AI students taking on this project developed a web application that can predict energy supply and demand. They did so under the guidance of Dung Manh Chu, AI developer at ABN AMRO: ‘The bank provided the input for the challenge. The students had the knowledge and the fresh perspective to use an innovative approach to solve the challenge'. By providing data that predicts energy needs, the bank can help business clients make their properties more sustainable.

Another assignment from the bank has already resulted in an MVP (minimal viable product). ABN AMRO challenged the students of the Intrical AI startup to create company profiles for corporate finance using artificial intelligence. Currently, most things are still done by hand. The team created an automated platform that helps corporate finance save time creating and updating company profiles, while processing information faster and providing better advice. Gabriele Bani, co-founder of Intrical AI: 'We were given the unique opportunity to understand what it takes for a large corporation to develop a better product. This is a great opportunity for us to develop technologies that address a real problem, while providing a competitive edge. We have already entered into a contract with ABN AMRO, which is now our first client’.

Win-win situation

Dennis de Reus, Head of AI at ABN AMRO, works with the AI Startup Lab to find the right innovation challenges. 'The Amsterdam Center for Entrepreneurship launched the AI Startup Lab in 2019 in order to strengthen the relationship between students and large companies. Students learn from the challenges we present to them. And we get the opportunity to increase our innovation capacity and help build new companies. A win-win situation, in other words. We are all set to start our third challenge soon. So, as you can see, the partnership is in full swing.’

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